Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [9]. Core Insights - The company focuses on precision injection molding and has diversified its business to include the production and sales of injection-molded parts and health products, establishing itself as an integrated manufacturing enterprise [4]. - The revenue for the first three quarters of 2024 reached 1.339 billion yuan, a year-on-year increase of 45.56%, with a net profit of 177 million yuan, up 62.25% year-on-year [4]. - The company has significantly increased its investment in new energy products, which have become a key driver for revenue growth, particularly in supplying components for electric vehicles [5]. - The company has become a primary supplier for major new energy vehicle manufacturers, including Tesla and NIO, following its acquisition of Yuke Plastic [5]. - The company’s injection products generated 361 million yuan in revenue in the first half of 2024, reflecting a 34.20% increase compared to the same period last year [5]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 1.645 billion yuan, 2.039 billion yuan, and 2.541 billion yuan, respectively, with corresponding EPS of 1.66 yuan, 2.02 yuan, and 2.44 yuan [9]. - The company is expected to maintain a stable revenue growth rate, with a projected growth rate of 22.7% in 2024 and 23.9% in 2025 [11]. - The report anticipates a net profit growth rate of 23.6% in 2024 and 21.1% in 2025 [11].
唯科科技：公司动态研究报告：注塑模具名企加码新能源产品，供货全球电机巨头-20250219